Real Estate in Thailand
Real Estate in Thailand
Thailand is progressively becoming a destination of choice among the international pensioners and the business tourists doing business in the jurisdiction comprising the Association of South-East Asian Nations.
As a result, it appears that there is increasing demand for houses in Thailand. Keeping this in mind you need to be aware of the fact that the variations between the pricing and the accommodation provided by condos of various quality differs across a wide range of the Thailand real estate market.
The purchasers need to be careful about making condos purchases and only make irreversible decisions regarding the purchase of real estate in Thailand pursuant to sound legal advice and appropriate due diligence.
Obtaining property or real estate in Thailand
In order to live in Thailand for a very long time many people opt to purchase Thailand real estate.
Owning a property in Thai can be a bit of a risky investment since Thailand has many rules that prevent foreign ownership of property. However, there’re some ways in which a foreigner can control or own land in Thailand.
Thailand condos are a popular choice for many investors. Under Thailand laws a non-Thai is allowed to own a Thailand Condo provided the condominium meets certain legal requirements laid out in the Thai Condominium Act.
Thailand Real Estate or Property Lease
A long-term lease of Thailand real estate or property is another attractive option to many potential non-Thai real estate owners in Thailand.
However, there’s some misinterpretation regarding Thailand leases. Many individuals think that Thailand leases are renewed automatically and they can last for over thirty (30) years, this is simply not the case.
A usufruct of Thailand real estate is another possibility. This is almost like a life estate under the common law system in that a Thai usufruct can grant an individual the right to the use of land for life.
There’re several formalities that must be followed when drafting a usufruct which is why it’s recommended to have an attorney prepare a usufruct.
Thailand Company Formation for Real Estate or Property Ownership
Another common way of owning property or real estate in Thai is having a Thailand company own the property and have an inequality number of voting shares allocated to the non-Thailand property owner, this method allows a foreigner to keep control of the real estate while still adhering to Thailand law.
The legal system of Thai is a complicated body of rules and regulations. As with any legal system used to own property, it’s important and advisable that a competent attorney should draft all the necessary papers and conduct due diligence research in order to make sure that your rights as well as your interests are fully protected.
Those hoping to buy real estate in Thai would be prudent to carry out research and due diligence in order to be acquainted of the whole situation so as to make informed decisions. In certain circumstances, it might be required for non-Thai nationals to retain the services of a law firm in Thailand with both foreign and Thai lawyers on staff in order to receive counsel and advice regarding Thailand real estate purchasing from a multitude of perspectives.